Question

Which of the following statements about the annual report are true? (Select all that apply.) Check...

Which of the following statements about the annual report are true? (Select all that apply.)

Check All That Apply

  • Annual reports of public companies include an assessment of the company’s internal control procedures.

    Annual reports of public companies include an assessment of the company’s internal control procedures.

  • The company’s auditor prepares the financial statements while its management prepares the other information and disclosures required in the annual report.

    The company’s auditor prepares the financial statements while its management prepares the other information and disclosures required in the annual report.

  • The management’s discussion and analysis section of the annual report provides an unbiased perspective of a company’s operations, liquidity, and capital resources.

    The management’s discussion and analysis section of the annual report provides an unbiased perspective of a company’s operations, liquidity, and capital resources.

  • The proxy statement contains disclosures on compensation to directors and executives.

Which of the following statements about the balance sheet are true? (Select all that apply.)

Check All That Apply

  • A classified balance sheet to provide useful information about liquidity and long-term solvency.

    A classified balance sheet to provide useful information about liquidity and long-term solvency.

  • Liquidity refers to an assessment of whether a company will be able to pay all its liabilities.

    Liquidity refers to an assessment of whether a company will be able to pay all its liabilities.

  • Although many valuable resources are not recorded as assets in the balance sheet, these resources are reflected in the company’s book value.

    Although many valuable resources are not recorded as assets in the balance sheet, these resources are reflected in the company’s book value.

  • The less financial flexibility, the more risk there is that an enterprise will fail.

Business   Accounting   
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Answer #1

1.
The following statements are true
Annual reports of public companies include an assessment of the company’s internal control procedures.
The proxy statement contains disclosures on compensation to directors and executives.

The auditor is not responsible for preparing financial statements, only management is responsible for that.
The management will provide their own perspective which cannot be unbiased

2.
The following statements are true
A classified balance sheet to provide useful information about liquidity and long-term solvency.
Liquidity refers to an assessment of whether a company will be able to pay all its liabilities.
The less financial flexibility, the more risk there is that an enterprise will fail.

All the valuable resources are recorded as assets in balance sheet,
shareholder assess the balance sheet to know about liquidity and solvency of company.

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